What To Expect In The Coming Week…
The Sept. S&P 500 futures
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decision was down closing at 865 down 19. The SPU2 did not give up all of its
gains that it enjoyed earlier in the week, but it fell to the -2.0 Volatility
Band (858) right around the support area. The month of August tends to be slower
and this weeks economic reports were not that good. With these two issues
hovering over the market, Traders are not sure what to expect in the coming week
ahead.
The Sept. Nasdaq 100
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fare as well. The Nasdaq was wounded from the very beginning of the session
being hampered by the Semiconductor Index. The Nasdaq 100 futures gave up all of
the gains and then some that were earned earlier in the week and closed just
above their support at 896 a loss of 21 for the session.
When equities are dropping people become nervous.
And when they become nervous, they become conservative especially about money.
That is why the bonds and notes rallied today. The September 10-year Treasury
note
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is now a possible Turtle Soup Plus-One sell setup candidate. TYU2 closed at
112.15 up 1.10. The Sept. US-30 year bond
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rising 1.50 to close at 107.75. Many opinions about whether the Fed should or
should not cut interest rates at the next FOMC meeting (Aug 13) surfaced today.
Corn futures were the winner today in the grain
markets at the Chicago Board of Trade. The reason for the continued move higher
was from two areas, weather and yield forecasts. A projection of a smaller U.S.
corn crop than previously estimated helped push today’s activity. Corn for
December
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November Soybeans
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forecasts showed minimal change in the hot, dry conditions in the soybean belt.
Soybeans lost 1 cent to end the session at $5.40 1/2 a bushel.
Wheat for Sept.
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In the energies, September crude oil
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rallied to the close. Crude oil added 35 cents to $26.82 a barrel; September
unleaded gasoline
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September heating oil
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and September natural gas
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British thermal units.
On the Comex Division of the New York Mercantile Exchange where precious metals
are traded, December gold futures
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highs of $308.70 per ounce leveling off in the $308.50-$308.70 range then pushed
higher to close positive at $309.00 an ounce up 3.00 or .98%. September
silver
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traded in the $4.57-$4.60 area through out the day. Sept. copper
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